Cedar Realty Trust, Inc. (CDR) Sees Significant Decline in Short Interest
Cedar Realty Trust, Inc. (NYSE:CDR) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 6,035,202 shares, a decrease of 33.9% from the July 14th total of 9,125,872 shares. Approximately 7.4% of the shares of the stock are sold short. Based on an average daily volume of 940,113 shares, the days-to-cover ratio is presently 6.4 days.
Cedar Realty Trust (NYSE:CDR) opened at 4.88 on Monday. The company’s market capitalization is $401.12 million. The stock’s 50 day moving average price is $5.12 and its 200-day moving average price is $5.28. Cedar Realty Trust has a 52-week low of $4.70 and a 52-week high of $7.98.
Cedar Realty Trust (NYSE:CDR) last issued its quarterly earnings results on Friday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.24. Cedar Realty Trust had a return on equity of 2.49% and a net margin of 6.58%. The firm had revenue of $35.70 million for the quarter, compared to analysts’ expectations of $35.97 million. During the same quarter in the previous year, the firm posted $0.15 earnings per share. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. Analysts predict that Cedar Realty Trust will post $0.06 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Friday, August 11th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Wednesday, August 9th. Cedar Realty Trust’s payout ratio is -333.28%.
CDR has been the subject of several recent analyst reports. TheStreet upgraded Cedar Realty Trust from a “d+” rating to a “c” rating in a research note on Friday, May 5th. ValuEngine downgraded Cedar Realty Trust from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded Cedar Realty Trust from a “hold” rating to a “buy” rating and set a $5.75 price target for the company in a research note on Wednesday, July 5th. FBR & Co reiterated an “outperform” rating and set a $5.75 target price on shares of Cedar Realty Trust in a research report on Tuesday, July 11th. Finally, Boenning Scattergood set a $5.00 target price on Cedar Realty Trust and gave the company a “sell” rating in a research report on Monday, August 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Cedar Realty Trust currently has a consensus rating of “Hold” and an average target price of $6.15.
In other Cedar Realty Trust news, Director Paul G. Kirk, Jr. sold 9,759 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $4.88, for a total value of $47,623.92. Following the completion of the transaction, the director now directly owns 75,874 shares in the company, valued at approximately $370,265.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.50% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Comerica Bank boosted its stake in shares of Cedar Realty Trust by 1.1% in the first quarter. Comerica Bank now owns 83,939 shares of the real estate investment trust’s stock valued at $452,000 after buying an additional 877 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Cedar Realty Trust by 8.5% in the first quarter. BNP Paribas Arbitrage SA now owns 48,062 shares of the real estate investment trust’s stock valued at $241,000 after buying an additional 3,769 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Cedar Realty Trust by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 1,193,009 shares of the real estate investment trust’s stock valued at $5,989,000 after buying an additional 31,038 shares during the last quarter. Princeton Alpha Management LP boosted its stake in shares of Cedar Realty Trust by 218.2% in the first quarter. Princeton Alpha Management LP now owns 36,530 shares of the real estate investment trust’s stock valued at $183,000 after buying an additional 25,051 shares during the last quarter. Finally, IndexIQ Advisors LLC boosted its stake in shares of Cedar Realty Trust by 12.6% in the first quarter. IndexIQ Advisors LLC now owns 88,527 shares of the real estate investment trust’s stock valued at $444,000 after buying an additional 9,903 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.
Cedar Realty Trust Company Profile
Cedar Realty Trust, Inc is a real estate investment trust (REIT). The Company focuses on ownership and operation of grocery-anchored shopping centers straddling the Washington District of Columbia (DC) to Boston corridor. As of December 31, 2016, the Company owned and managed a portfolio of 61 operating properties (excluding properties held for sale) totaling approximately 9.1 million square feet of gross leasable area (GLA).
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